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2154 Results

May 16, 2016

A New Era of Central Banking: Unconventional Monetary Policies

Central banks can implement unconventional monetary policy measures to provide additional easing when policy interest rates come close to their lower limit. To date, the international experience with tools such as quantitative easing and negative interest rates has been largely positive. Central banks may also use several such measures simultaneously, with often mutually reinforcing effects. Yet, unconventional tools are also subject to potential limits, and the costs associated with these measures could rise with extensive and prolonged use.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E5, E52, E58, E6, E61, E65

Monetary Policy Under Okun’s Hypothesis

Staff working paper 2026-3 Felipe Alves, Giovanni L. Violante
The current monetary policy framework of the Fed intends to be more ’inclusive’ by running the economy hot for longer during expansions.

Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies

Staff working paper 2017-5 Ben Fung, Scott Hendry, Warren E. Weber
This paper studies the period in Canada when both private bank notes and government-issued notes (Dominion notes) were simultaneously in circulation. Because both of these notes shared many of the characteristics of today's digital currencies, the experience with these notes can be used to draw lessons about how digital currencies might perform.
April 8, 2009

Price-Level Targeting and Stabilization Policy: A Review

This article reviews arguments in the literature for and against price-level targeting, focusing on its costs and benefits compared with inflation targeting. Benefits of price-level targeting include the effect on forward-looking inflation expectations; the ability to substitute for commitment by a central bank to its future policies; lessening forecast errors; better economic performance in response to real shocks because of lower wage indexation; and a reduction in the problem of the zero lower bound on nominal interest rates.
February 3, 2026

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Tariffs and the Exchange Rate: Evidence from Twitter

Staff working paper 2021-36 Dmitry Matveev, Francisco Ruge-Murcia
Do tariffs affect exchange rates? We look at President Trump’s tweets during talks on the North American Free Trade Agreement and find that anticipation of higher tariffs on imports from Canada and Mexico led to an appreciation of the US dollar relative to Canadian and Mexican currency.

Trade and Market Power in Product and Labor Markets

Staff working paper 2021-17 Gaelan MacKenzie
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.
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